Herbalife postpones shareholders meeting to April 29

March 13, 2014|Reuters

(Robert Galbraith Reuters, )

(Reuters) - Nutritional products company Herbalife Ltd , which is being investigated by the Federal Trade Commission, said it postponed its annual shareholders' meeting to April 29 to continue discussions with Carl Icahn about new board nominees.

The meeting was originally scheduled for April 24.

Herbalife shares were up about 1 percent in extended trading on Thursday.

Carl Icahn, the company's biggest shareholder with a 16.8 percent stake, has supported Herbalife in its fight against billionaire investor William Ackman.

Ackman's Pershing Square Capital Management believes Herbalife is an unsustainable pyramid scheme destined to collapse. Icahn has contended that it is a good company with good management.

Herbalife gave Icahn two board seats in February 2013 and the right to raise ownership of the company to 25 percent.